Kodak Declares Bankruptcy

The photograph company, Kodak Co, which invented the handycam and captured the first images of the Moon, declared bankruptcy and asked for financial aid.

Kodak tried to become a digital camera seller, it also got a Citigroup credit of 950 million dollars for 18 months to stay on market.

“The board and the entire management team unanimously believe that this is a necessary step and what we have to do for the future of Kodak,” the president and chief executive officer, Antonio M.Perez, said in a statement.

Kodak was once on top of the photographic industry but it failed to adapt to the modern technologies, the ironic fact is that the company invented the digital camera.

(MS)